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Hertz notes eyed after CFO change; Whiting rises as restructuring approved by court
By James McCandless
San Antonio, Aug. 17 – The distressed debt market was fixed on travel and energy names on Monday.
Hertz Global Holdings, Inc.’s notes diverged in direction after announcing a change to its chief financial officer position.
The 6¼% senior notes due 2022 held level to close at 35¾ bid. The 5½% senior notes due 2024 shaved off ¼ point to close at 35¾ bid.
After the close on Friday, the Estero, Fla.-based vehicle rental company announced that CFO Jamere Jackson has resigned from the position.
The resignation is effective on Sept. 11, when he will be replaced with chief accounting officer Eric Esper.
In the energy space, Whiting Petroleum Corp.’s issues rose as its plan for reorganization was approved in bankruptcy court.
The 6¼% senior notes due 2023 grabbed ¼ point to close at 19¼ bid. The 6 5/8% senior notes due 2026 rose ¼ point to close at 19¾ bid.
On Monday, the Denver-based independent oil and gas producer’s plan of reorganization was confirmed in bankruptcy court, Prospect News reported.
As previously reported, the company entered into a restructuring support agreement with some holders of its 1.25% convertible senior notes due 2020, 5¾% senior notes due 2021, 6¼% senior notes due 2023 and the 2026 notes.
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